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DIGGeRs & DeALeRs ReVIeW Comprehensive Supply
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Gold Fields renews its green pledge

or all the talk of decarbonisation at ability and ESG priorities because of it.” ing to their end but I can tell you they’re
FDiggers & Dealers, few presenters Flush with the success at Agnew, Gold not,” Mathews said. “They have at least 10
could match Gold Fields Australasia ex- Fields is now investigating renewable op- years in front of them.”
ecutive vice president Stuart Mathews’ tions for its other multidecade mine, St If that period sees all four mines match
ability to provide the stats to back up his Ives. recent performance, Gold Fields will find
claims. “We are weaning ourselves off diesel, itself in an enviable position come 2030.
Gold Fields is undoubtedly at the van- which now represents less than 5% of our The Australian region delivered more
guard of the Australian gold sector’s move business,” Mathews said. “Gas is that tran- than 1 moz or 44% of group production in
into renewable energy and decarbonisa- sition fuel and we have the opportunity to 2020, at all-in costs of $US957/oz, for net
tion, with the South African-domiciled be diversified. We are building things we cash flow of $US498 million.
company spending more than $100 million can bolt onto with new technology. The Mathews said those numbers were a re-
on renewable energy projects at three of technology has already moved since we sult of continued investment in the assets,
its four mines in Western Australia. built it at Agnew.” a strategy which would be maintained for
“Gold Fields is delivering a renew- The investment in renewables belies as- the foreseeable future.
able commitment to the future. I believe sumptions that Agnew and St Ives – each “We have invested $85-100 million over
it is something we should be proud of,” acquired in 2001 – are coming to the end the last five years and have really grown
Mathews told delegates. “This will be a of their lives. the resource base, which stands at 7.5
disrupter in mining and we are proud to be Mathews said thanks to a major invest- moz gold now,” he said. “There is no intent
at the forefront.” ment programme since 2017, both mines, to stop that spending because we are get-
The company’s largest energy invest- as well as Granny Smith and the Gruyere ting rewarded with a discovery cost of $65/
ment to date is at its Agnew mine where JV, had at least a decade to run. oz, I can’t buy anything that cheap.”
it spent $70 million installing a 16MW wind “Some people say these mines must
farm, 4MW solar project and 13MW bat- be a bit tired and that they must be com- – Dominic Piper
tery storage facility with energy provider
EDL.
The project is underpinned by gas tur-
bines but Mathews said the performance
of the renewable elements was consist-
ently improving.
“Renewable represents 54% of energy
production at Agnew and it has operated
at almost 100% for a very short time,” he
said. “It has led to a 42% emissions reduc-
tion on that mine but we believe we can get
that to 95% in the next few years.”
At Granny Smith, Gold Fields has in-
stalled an 8MW solar facility underpinned
by gas which has already reduced net
emissions by 7%. At its Gruyere JV with
Gold Road Resources Ltd, a 12MW solar
farm and 4.4MW battery storage facility
project, worth $23 million, is currently un-
der construction.
As well as reducing carbon emissions,
Mathews said the renewable projects had
provided impetus to the Gold Fields work-
force, particularly at Agnew.
“There are many intangibles that it has
delivered,” he said. “Agnew used to be
viewed as only a short life – it’s had three
years of reserves for 40 years – but this
investment is for the long term, and we can
bolt-on as we want.
“Also, it is a demonstrated commitment
to reducing emissions. Our people like to
work for a company which commits to this
sort of thing. Along with the new modern
camp, it has absolutely renewed morale at
Agnew and we have got international rec-
ognition and credibility around our sustain-
Stuart Mathews

Page 38 SePTeMBeR 2021 aUSTRaLIa’S PaYDIRT